Trump Tariffs Jeopardize Growth: Piraeus Chamber of Commerce

As political pundits and commentators are trying to analyze the possible negative impact of U.S. President Donald Trump’s tariffs on sectors of the global economy, the Piraeus Chamber of Commerce expressed serious concern over the potential consequences of these measures on European products.

The tariffs, aimed at reducing the U.S. trade deficit, are expected to have both direct and indirect effects on the European economy and, more specifically, on Greek businesses.

The official statement by the chamber warned that the Trump tariffs, which target key sectors such as industry, agri-food, and consumer goods, could negatively impact Greek exports to the American market.

The organization highlighted the risk of a decline in exports, making Greek products more expensive and less competitive in the U.S. Among the sectors expected to suffer the most are wine, olive oil, dairy, and other agricultural goods, which could in turn affect Greece’s trade balance.

It raises additional concerns over the fact that things could get worse due to potential retaliatory measures from affected countries, which could further escalate an ongoing trade war. This could jeopardize economic growth and create inflationary pressures across European economies.

Greece, in particular, having faced prolonged financial crises, is likely to encounter additional difficulties, including potential declines in investment, tourist spending, disposable income, and employment.

In response to these challenges, the Piraeus Chamber of Commerce is urging the Ministry of Development to collaborate with market institutions to develop new trade strategies that would diversify Greek exports. At the same time, it calls on the Ministry of Finance to accelerate tax reductions to support businesses and absorb inflationary pressures in the Greek market.

The chamber emphasized the urgent need to support the real economy as it faces a shifting global trade landscape in response to the Trump tariffs.

Source: Tovima.com